Hi everyone - I'm due to make a gain of approx £40k from a company share save scheme in 2014 and would like to know the most tax efficient way to use the gain to pay off some of my mortgage.
My thoughts on this so far:
1. transfer £10.6k worth of shares to my wife and she then sells the shares with no CGT
2. I sell £10.6k of shares in my own name to use up my CGT
3. I transfer £11,520 of shares into an ISA with the same company that manages the share save scheme so as to avoid any CGT
4. transfer the remaining shares into my wife's name and she then transfers to an ISA to avoid CGT.
5. we then take money out of the ISA's and with the gain from our share we sold we pay into our mortgage to reduce out debt.
I'd really appreciate views on whether this is the best way to take the money out of our share save scheme.
Many thanks in advance.
My thoughts on this so far:
1. transfer £10.6k worth of shares to my wife and she then sells the shares with no CGT
2. I sell £10.6k of shares in my own name to use up my CGT
3. I transfer £11,520 of shares into an ISA with the same company that manages the share save scheme so as to avoid any CGT
4. transfer the remaining shares into my wife's name and she then transfers to an ISA to avoid CGT.
5. we then take money out of the ISA's and with the gain from our share we sold we pay into our mortgage to reduce out debt.
I'd really appreciate views on whether this is the best way to take the money out of our share save scheme.
Many thanks in advance.